Though acronyms are not new, they are becoming a social trend especially among younger generations. Phrases such as LOL (laugh out loud), BRB (be right back) help to increase the efficiency of conversations, except of course, for those who are not privy to this new form of communication
Below are a few terms commonly used by contingent workforce professionals. Hopefully next time someone uses these acronyms you won’t be left thinking IDKWTM (I don’t know what that means).
VMS – Vendor Management Software automates the contingent labour acquisition processes and provide a technology system to manage the entire process of procuring, engaging and administering contractors and staffing suppliers/vendors. VMS solutions can be leveraged to support temporary and contract staffing augmentation and statement of work services spend management.
MSP – Managed Service Providers take on responsibility for outsourced management of all facets of contingent labour program, including day-to-day operations including hiring, on-boarding, administration and off-boarding activities.
ICES – Independent Contractor Engagement Specialists are providers that facilitate all components of managing independent contract workers sourced directly by the client through internal referrals or talent acquisition efforts. ICES work in partnership with the client to engage and payroll independent contract workers efficiently and compliantly with tax and employment laws. Services provided include worker status classification, worker contract negotiations time tracking invoicing and payment, as well as contract worker auditing and compliance reviews.
Definitions By: Christopher Dwyer, Contingent Labor Management – Strategies for Managing the Complexities of the Contingent Labor Umbrella, Staffing Industry Analyst, June 2010